Development

Wood Partners Breaks Ground on 330-Unit Multifamily Project in Metro Houston

by Taylor Williams November 29, 2022

CYPRESS, TEXAS — Atlanta-based multifamily developer Wood Partners has broken ground on Alta Cypress Springs, a 330-unit project that will be located on the northwestern outskirts of Houston. Alta Cypress Springs will feature one-, two- and three-bedroom apartments that will be furnished with stainless steel appliances, granite countertops, tile backsplashes and full-size washers and dryers. Amenities will include a pool, fitness center, dog park, business center, clubroom and an outdoor kitchen. Completion is slated for August 2023.

November 29, 2022

Development Loans Office Washington Western

Developer Evolution Projects Receives $109M Construction Financing for 35 Stone Office Building in Seattle

by Amy Works November 29, 2022

SEATTLE — Seattle-based Evolution Projects has received $109 million in construction financing for the development of 35 Stone, a pre-leased office building in Seattle’s Fremont neighborhood. Canyon Partners Real Estate provided a mezzanine loan to finance the development, concurrent with the closing of a senior construction loan from The Union Labor Life Insurance Co. Slated for delivery in third-quarter 2024, the five-story building will offer 112,700 square feet of office space and 7,500 square feet of retail space. Onsite amenities will include a roof deck, bike parking, locker and shower suites, a central lobby with retail space and 135 parking stalls. Designed to meet Living Building Pilot Program standards, the property will reduce energy usage by at least 25 percent compared to other office buildings and is anticipated to be one of the most energy efficient and sustainable office buildings in Seattle. Brooks Running will occupy the office space in 35 Stone, which is situated within the master-planned Campus Seattle development. Brian Kelly and Eric Lonergan of Savills represented Brooks Running in the lease transaction. Kaden Eichmeier and Bruce Ganong of JLL represented the borrower in the financing.

November 29, 2022

Development Healthcare Kentucky Retail Southeast

RJ Thieneman to Develop $10M Norton Healthcare Clinic in Frankfort, Kentucky

by John Nelson November 29, 2022

FRANKFORT, KY. — RJ Thieneman plans to develop a new $10 million healthcare clinic within Limestone Centre at Franklin Square, a shopping center in Frankfort shadow-anchored by Kroger, Staples, JCPenney and Franklin Square Cinema. Louisville-based Norton Healthcare will operate the 30,000-square-foot facility with three separate medical practices: Norton Community Medical Associates adult primary care, Norton Immediate Care Center and Norton Children’s Medical Group pediatric primary care. The three practices will have staggered opening dates in late 2023. The design-build team, including architect Stengel Hill Architecture Inc. and general contractor The Hagerman Group, plans to break ground in January.

November 29, 2022

Pacific-Summit-Logistics-Center-Salt-Lake-City-UT

Acquisitions Development Industrial Utah Western

Pacific Industrial Completes 824,320 SF Logistics Facility in Salt Lake City

by Amy Works November 29, 2022

SALT LAKE CITY — Pacific Industrial has completed the construction of Pacific Summit Logistics Center, an industrial facility at 885 N. John Cannon Drive in Salt Lake City. The development and investment firm has already sold the asset on a forward basis to Principal Global Investors, a global real estate investments platform based in Des Moines, Iowa, for an undisclosed price. Situated on 48 acres, the 824,320-square-foot facility features 40-foot clear heights, nearly 200 trailer parking stalls, a private perimeter vehicle access road and a modern entry. At the time of sale, the building was 50 percent preleased to Quality Distribution, a third-party logistics provider headquartered in Utah. Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group together with Tom Freeman and Travis Healey of Cushman & Wakefield’s Salt Lake City office represented the seller. Freeman and Healey were retained by Principal Global Investors to handle leasing of the project. According to Cushman & Wakefield, the transaction is one of the largest ever single-building industrial property sales in Salt Lake City.

November 29, 2022

Development Multifamily New Jersey Northeast

Garden Communities Underway on 520-Unit Multifamily Project in East Brunswick, New Jersey

by Taylor Williams November 29, 2022

EAST BRUNSWICK, N.J. — New Jersey-based developer Garden Communities is underway on construction of Legacy Place, a 520-unit multifamily project located in the Northern New Jersey community of East Brunswick. The development will comprise one-, two- and three-bedroom units across two buildings with garage parking and 18,000 square feet of retail space, all on a 25-acre site. Amenities will include a pool, outdoor grilling and dining areas, a coworking lounge, fitness center, dog park and walking trails. Garden Communities plans to begin leasing Legacy Place in mid-2023.

November 29, 2022

Development Multifamily New York Northeast

Quinlan, GTIS Partners to Develop 197-Unit Multifamily Project in Brooklyn

by Taylor Williams November 29, 2022

NEW YORK CITY — A partnership between locally based firm Quinlan Development Group and global investment group GTIS Partners will develop a 197-unit multifamily project in the Gowanus neighborhood of Brooklyn. The 17-story building will house parking and retail space and have an affordable housing component. Units will come in one- and two-bedroom formats, and amenities will include a fitness center, gaming lounge, coworking spaces and a rooftop terrace. Christopher Peck, Peter Rotchford, Nicco Lupo, Jeff Julien, Rob Hinckley, Jillian Mariutti, Phil Cadorette and Joy Ryoo of JLL arranged construction financing through Los Angeles-based CIT on behalf of the partnership.

November 29, 2022

Affordable Housing Development Loans Multifamily Northeast Pennsylvania

KeyBank Provides $12.2M Construction Loan for Affordable Housing Project in Coatesville, Pennsylvania

by Taylor Williams November 29, 2022

COATESVILLE, PA. — KeyBank has provided a $12.2 million construction loan for The Willows at Valley Run, a 60-unit affordable housing project in Coatesville, located west of Philadelphia in Chester County. The property will offer one-, two- and three-bedroom units across a trio of three-story buildings. The amenity package will consist of a fitness center, meeting room, basketball court, clubhouse, playground and a common kitchen. Eric Steinberg of KeyBank structured the financing on behalf of the developer, Ingerman Group. KeyBank also provided tax credit equity through its partnership with Enterprise Community Partners Inc. A tentative completion date was not disclosed.

November 29, 2022

Development Mixed-Use New Jersey Northeast Top Stories

Triangle Equities Begins Construction of $500M Mixed-Use Development in East Orange, New Jersey

by John Nelson November 29, 2022

EAST ORANGE, N.J. — Real estate development firm Triangle Equities, along with investment partners Goldman Sachs, Basis Investment Group and co-developer Incline Capital, recently broke ground on The Crossings at Brick Church Station in East Orange, a suburb of Newark in Essex County. The $500 million mixed-use redevelopment project will be one of the largest real estate developments ever constructed in the city, according to East Orange Mayor Ted Green. Upon completion, The Crossings will comprise approximately 200,000 square feet of commercial and restaurant space, including a new ShopRite grocery store. The development will also include 820 mixed-income rental units, a 1,200-space parking garage and a public promenade and plaza. Located on 533 Main St., the transit-oriented project will be situated near NJ Transit’s Brick Church Train Station, which the City of East Orange is revamping. The Crossings will replace the former Brick Church Plaza and include a nine-story building, a five-story building and a seven-story parking garage. March Associates Construction, based out of Wayne, N.J., will serve as the construction manager and general contractor for the project. The Crossings will be built in two phases and is scheduled for completion in the fourth quarter of 2024. Over 85 percent …

November 29, 2022

Development Multifamily Southeast Virginia

Breeden Opens 258-Unit Lofts at Front Street Apartments in Norfolk

by John Nelson November 28, 2022

NORFOLK, VA. — The Breeden Co., a Virginia Beach-based firm, has opened The Lofts at Front Street, a 258-unit multifamily community located in Norfolk. Amenities at the property, which sits on 4.5 acres on the banks of the Elizabeth River/Intracoastal Waterway, include a riverfront observation deck, kayak launch, fitness center and an infinity pool. Cox, Kliewer & Co. designed the project, and Breeden Construction served as the general contractor. Breeden Property Management will operate the community. Rental rates at The Lofts at Front Street range from $1,870 to $2,990, according to the property website.

November 28, 2022

Colorado Development Multifamily Western

Thompson Thrift Plans Alta25 Multifamily Community in Monument, Colorado

by Amy Works November 28, 2022

MONUMENT, COLO. — Thompson Thrift unveiled plans to develop Alta25, a Class A apartment property in Monument, a suburb of Colorado Springs. The 264-unit community is slated to open in 2025. Located at 16218 Jackson Creek Parkway, Alta25 will comprise eight three-story, garden-style buildings and 96 detached garages. The one-, two- and three-bedroom apartments will average 987 square feet and feature gourmet bar-kitchens with quartz countertops, tile backsplashes, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostats, smart door locks, walk-in closets and full-size washers/dryers. The units will also offer patio, balcony and private yard options. Community amenities will include a clubhouse, swimming pool, 24-hour fitness center, Amazon package hub, storage and work spaces, courtyards, grilling stations, outdoor game area, electronic firepit with seating area, dog park and pet spa with grooming station. Alta25 is adjacent to Monument Marketplace, which features more than 658,000 square feet of retail and restaurant space, and within The Village at Jackson Creek, a mixed-use project currently in development.

November 28, 2022

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